IQE releases Q4 and year-end financials
Overall, sales for the year were up by 40% to $60.13 million on 2000, which reached $42.77 million, while operating losses before goodwill and exceptionals were $4.96 million compared with a profit in the prior year of $2.85 million.
Company highlights included its agreements with Motorola for GaAs on silicon technology. IQE is the first licensee with a fifteen month exclusive supply arrangement, in addition to a significant equity investment in IQE by Motorola, followed by successful Placing and Open Offer of 13.152 million shares raising $35.70 million (net of expenses). In addition, IQE noted its progress at IQE Silicon Compounds with successful completion of additional customer qualification programmes and receipt of pilot production orders, including for SiGe products. IQE is also continuing with epiwafer developments, particularly with InP HBTs, InGaP HBTs, APDs, 1.3 µm VCSELS and SiGe.
"As previously reported, trading remains difficult," said Dr. Drew Nelson, president and CEO. "However, IQE has continued to build a very powerful product portfolio, which are creating some unique opportunities for the Group, including our partnership with Motorola and the strategic partnership with Amberwave on strained silicon technology. Our cash position is strong, we are keeping a tight control on costs and we do not require high levels of ongoing capex to increase revenue significantly. As the market returns across the various semiconductor sectors, we feel IQE is uniquely placed to benefit, particularly as we believe outsourcing is poised to become a key theme with many companies, as evidenced by the increasing number of outsourcing wins for IQE during the last few months."
Full details of the results can be found at IQE?s website.
Dr. Drew Nelson
President and CEO of IQE plc
Tel: +44 (029) 20 839405
or
Richard Clarke
Finance Director of IQE plc
+44 (029) 20 839407
E-mail: dnelson@iqep.com
Web site: http://www.iqep.com
